JUDGMENT

(Prayer: Criminal Original petition is filed under Section 482 of Criminal Procedure Code, to call for the records relating to CC.No.241 of 2018 pending on the file of Fast Track Court-III, Saidapet, Chennai and to quash the same.)

1. This criminal original petition has been filed to quash the proceedings in CC.No.241 of 2018 pending on the file of Fast Track Court-III, Saidapet, Chennai.

2. The first respondent filed complaint for the offence punishable under Section 138 of NI Act alleging that the accused raised a request to borrow loan from the first respondent a term loan of Rs.10 crores by the application dated 16.12.2013. Thereafter, the said loan was sanctioned in favour of the first accused company in which all the directors signed on behalf of the first accused company. The said loan was availed for the purpose of meeting the Working Capital margin money requirement for the financial year 2015. The accused also agreed to repay the said loan with interest at the rate of 0.25 % above the prime lending rate of the first respondent and so the interest payable by the accused at the time of sanction was 13% per annum. They specifically agreed to repay the loan by 72 monthl